New York City is rolling out a new financial literacy initiative in its public schools next academic year, Mayor Adams announced Wednesday.
As part of the push, the Department of Consumer and Worker Protection will place one “financial educator” from city-contracted organizations in each of 15 school districts in hopes of expanding the initiative citywide by 2030. The program, which officials are calling “fly” (Financial Literacy for Youth), is estimated to cost more than $25 million over five years.
Officials also plan to open 15 bank branches in public schools, giving students opportunities to learn more about saving and budgeting money.
“Too many students leave high school knowing about chemical bonds but not Treasury Bonds,” Adams said in a statement. “That ends with our administration.”
The financial counselor will provide free services and workshops to students and their parents, and develop classroom resources on “responsible financial habits.” Topics include understanding sources of income and paychecks, money management, banking products, credit, and detecting consumer financial scams.
Financial literacy won’t be a required class district-wide, but the tools will be available for schools to implement at their discretion.
The first cohort includes three school districts in Manhattan, six in the Bronx, four in Brooklyn, and one each in Queens and on Staten Island. Zachary Nosanchuk, a mayoral spokesman, said Adams is ensuring the next administration — whether he’s re-elected or succeeded by another candidate — follows through on the expansion by baselining the program in the municipal budget.
The initiative was first previewed in Adams’ State of the City address in January and launched Wednesday at the Brooklyn Collegiate Preparatory High School in Brooklyn’s Ocean Hill.
While modest to start, an emphasis on financial literacy has been gaining momentum in New York schools. The New York State Education Department is weighing making financial literacy a credit requirement for high school graduation. Aspiring and current comptrollers have both made the case for the push in schools.
